GDP Contribution Of Indian Textiles To Almost Double By 2030
A recently released report states that the contribution of the Indian textile industry will almost double from the current 2.3 percent to 5 percent by 2020.
The report titled ‘Decadal Outlook for Textile Industry’ was jointly prepared by the Confederation of Indian Industry and Primus Partners.
The report further said that Gross Value Added (GVA) of the textile industry will have a stable yearly growth rate of 9 percent till 2028, and technical textiles will lead the charge with a projected CAGR of 15 percent.
“India, the world’s fifth-largest economy, accounts for only roughly 5 percent of worldwide commerce in textiles and clothing,” Dr. Praveer Sinha, CEO of Tata Power and Chairman of the CII Western Region said.
“It is evident that the sector has enormous untapped potential, necessitating an integrated strategy that emphasises increased value addition, improved competitiveness, and sustainable business practices,” he too added.
“This will increase national output in addition to creating jobs. CII is dedicated to helping the textile sector continue its path of expansion and excellence,” Sinha concluded by saying.
The report also added that the textile industry will continue to be the biggest industrial employer and government schemes like PM MITRA will add 3 lakh jobs, while PLI Scheme will create 7.5 lakh new jobs.